Posted on 03/02/2009 1:54:32 PM PST by patriotmediaa
S&P 500 sinks below 700 in Wall St AIG fallout pushes Dow under 7,000
U.S. stocks slid to 12-year lows on Monday as a record $61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of damage to the financial system. *
The stocks of companies that have found themselves on the wrong side of President Barack Obama's proposed budget fell again, as biotechs dropped for the fourth straight session. * The Dow Jones industrial average .DJI slid 299.64 points, or 4.24 percent, to end unofficially at 6,763.29. The Standard & Poor's 500 Index .SPX fell 34.27 points, or 4.66 percent, to finish unofficially at 700.82. The Nasdaq Composite Index .IXIC lost 54.99 points, or 3.99 percent, to close unofficially at 1,322.85.
(Excerpt) Read more at reuters.com ...
It doesn’t matter what portion of the teachers’ pension funds are in stocks. Those are “defined benefit” pensions, and pretty much guaranteed. The taxpayers would have to pick up the slack if the mutual funds they’re invested in crash.
That’s my understanding of it. Correct me if I’m wrong.
get it in writing...
The state pension is guaranteed even by the mutual fund. Your retirement is based upon a formula which includes years of service, hoghest year salary, and percentage per year 9usually 2-3%.
Many employees join the Savings Plus program which offers 20 or so tax-deferred investments the employee can make through payroll deduction. This is done on their own and is supplemental to their state pension.
watch the video
mutual fund = general fund
Seems that AIG was insuring a lot of CDO’s and things without having enough assets to do it. They were assuming, like Fannie and Freddie, that they had the unwritten full faith and credit of the US behind them.
I think these guys should go to jail. Their stockholders have already really lost everything..except the paper and their bond holders should go also..
sell to china
(watch the video selling things to china) where the media
“I’m leaving Maine to move to NH; no state income tax.”
Texas has no income tax, either, but they make up for it and then some more in property tax.
Take a look at this guy
http://en.wikipedia.org/wiki/Maurice_R._Greenberg
he makes Madoff look Bush league
AIG has lost $100 billion. and they are getting how much so far in bailouts?
we should hold hearings on why AIG is being bailed out if we win Congress in 2010. This sounds criminal to me.
It is criminal IMO. There was a lot of irresponsibility in this whole economic meltdown, but AIG was by far the worst. This last bailout makes something like 150 billion in taxpayer money. They say it will take another 100 billion to stabilize. We are between a rock and a hard place here. If we don’t bail them out, they will default on their credit swaps, and cause a chain reaction of bank collapse throughout the world. Continuing to bail them out, is outrageously expensive and results in the rewarding of bad behavior. I don’t think anyone knows for sure which will be the most costly to the taxpayer.
Someone needs to pay for this horrendous behavior.
I live in southern Maine right now; the property taxes in NH will be a breath of fresh air compared to Maine.
Correct about the 403b for teachers but at least one of the approved vendors for those 403b plans in the City College system is AIG VALIC, a subsidiary of AIG
Its politics. Teachers retirements are in AIG. Teachers unions support Dems and Dems will spend anything it takes to keep AIG afloat.
RICO??
Thanx
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